Jump to content

Australian Dollar / Japanese Yen(AUDJPY) Day Chart Elliott Wave Technical Analysis 17 January 24

Recommended Posts

AUDJPY Elliott Wave Analysis Trading Lounge Day Chart, 17 January 24

Australian Dollar / Japanese Yen(AUDJPY) Day Chart

AUDJPY Elliott Wave Technical Analysis

Function: Counter Trend

Mode: impulsive  

Structure: blue wave 3 of C

Position:  black wave C

Direction Next Lower Degrees: blue wave 3(started)

Details:blue wave 2  looking completed at 97.813 .Now blue wave 3 may start . Wave Cancel invalid level: 97.804.

The "AUDJPY Elliott Wave Analysis Trading Lounge Day Chart" dated 17 January 24, provides a comprehensive analysis of the Australian Dollar/Japanese Yen (AUDJPY) currency pair using Elliott Wave theory on a daily timeframe. The analysis focuses on deciphering potential market movements, particularly within a counter-trend context.

The declared "Function" is identified as "Counter Trend," signaling that the analysis is centered around potential movements contrary to the prevailing trend. Counter-trend analyses are crucial for traders seeking to identify reversal points or corrective phases in the market.

The specified "Mode" is characterized as "Impulsive," indicating that the market is currently exhibiting strong, directional movements. Impulsive phases are typically marked by rapid and robust price movements, which are key for traders to identify potential trading opportunities.

The primary "Structure" is described as "Blue wave 3 of C," indicating that the current analysis is situated within the context of a larger Elliott Wave count. The Elliott Wave theory posits that financial markets move in repetitive patterns or waves, and the analysis is currently focused on the development of the third wave within the larger corrective structure labeled C.

The identified "Position" is labeled as "Black wave C," suggesting that the ongoing impulsive move (Blue wave 3) is part of a larger corrective pattern labeled as Black wave C. Corrective structures generally consist of multiple sub-waves, and understanding their progression is crucial for traders.

In terms of "Direction Next Lower Degrees," the analysis points to the anticipated "Blue wave 3 (started)." This implies that following the completion of the current corrective structure (Blue wave 2), the next impulsive move (Blue wave 3) is expected to commence.

The "Details" section notes that "blue wave 2 looking completed at 97.813." This suggests that the corrective wave labeled as Blue wave 2 likely concluded near the mentioned price level.

The "Wave Cancel invalid level" is identified as "97.804." This level serves as a critical reference point, and if the market surpasses this level, it would invalidate the current wave count, prompting traders to reassess their analysis and potentially indicating a change in the anticipated market direction.

In summary, the AUDJPY Elliott Wave Analysis for the daily chart on 17 January 24, suggests that the market is in a counter-trend scenario, with the completion of a corrective wave (Blue wave 2) and the potential start of the next impulsive move (Blue wave 3). Traders are advised to monitor the progression of the impulsive move and consider the invalidation level at 97.804.

Technical Analyst : Malik Awais





Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hi KoketsoIG, Thank you for the clarification on that. Cheers
    • Dear @millennium_falcon, Hey there! Thank you for reaching out. Just a heads-up, you can only have one API key for each environment, either live or demo. No third API key can be created.  Thanks, KoketsoIG
    • To clarify my understanding. From my Usecase, I have three separate programs all operating interdependently from one another. A program to subscribe to tic data on a number of Epics via the LightStream API, another to grab historic on a number of Epics via the REST API, and finally another to manage positions via the REST API. I need to do this on my demo account initially to get API code stabilized. The IG website specifically says that I need separate API key for each distinct program connecting to IG over REST or LightStream. So in my understanding it looks like I need three API keys all for the demo account. Am I missing something or have I misunderstood how to use these API keys? I am aware of the API request limits and this is why I assumed you need a key per program. Currently I have one API key for the demo account and cannot seem to add more keys to the demo account? I have looked at the FAQ and cannot see an answer for my query.
  • Create New...